On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time home buyers. The bill also includes tax credits for others who are not buying a home for the first time.
Basically, it says that first-time home buyers (those who have not owned a home within the last three years) may be eligible for a tax credit 10% of the purchase price of the home up to a maximum of $8,000. The home must be under contract by April 30, 2010 and must close by July 30, 2010.
A new credit is also being offered to current homeowners who want to make a move. If you have owned and occupied a primary residence for five consecutive years during the last eight years, you may qualify for a credit up to $6500. The contract date and closing limits are the same as those for first-time buyers.
There are a few restrictions to this credit. Please give me a call if you are interested in hearing more about the qualifications.
